Futures lost 0.3 percent in New York after rebounding Tuesday from the biggest drop in a week. Motor fuel stockpiles gained by 1.4 million barrels last week, while crude inventories fell by 3.6 million barrels, the American Petroleum Institute was said to report. Energy Information Administration data Wednesday is forecast to show both gasoline and crude stockpiles decreased. U.S. crude stockpiles at Cushing, Oklahoma, the delivery point for WTI and the biggest U.S. oil-storage hub, dropped by 462,000 barrels last week, said the API, according to people familiar with the data. Nationwide crude inventories probably decreased by 3.48 million barrels last week, while gasoline supplies slid 1.25 million, according to analysts surveyed by Bloomberg. Click Read More below for additional detail.

Midland is deeply saddened to announce the passing of Ralph DeLetto, Executive Vice President, Chief Financial Officer, and co-owner of the company. Ralph passed away Monday night following a long and courageous battle with cancer, surrounded by his loving family. “Ralph was an extraordinary leader and a trusted partner whose vision and integrity helped shape Midland into the organization it is today,” said Mike Graves, President and Chief Executive Officer. “His contributions to our business and our people were immeasurable, and his legacy will continue to inspire us for many years to come.” Ralph is survived by his wife, Nancy, and his sons, Michael and Christopher, who are also valued colleagues at Midland.